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If you want to say goodbye to corporate America and embark on a
journey to entrepreneurship, we can help. From coming up with the
perfect business idea to creating your business and marketing
plans, follow this two-week action plan to start a new
venture.

Many people have great ideas, but their businesses flounder in
the marketplace because there really isn't an audience for their
product or service. In this second installment of our 10-part
series to help you launch a business, we'll help you evaluate
your big idea.

Of course, thorough research will help support expectations about
a business's success as well as uncover any potholes in your
thinking.

Start now by asking yourself these questions:

What problem does my product or service solve?

Who will buy my product or service?

Why will they buy it?

Where will they buy it -- specialty shops, department stores,
online, smartphones?

What do I need to charge to make a healthy profit and will
people actually pay that?

What products or services will mine be competing with?

No business -- particularly a small one -- can be all things to
all people. The more narrowly you can define your business and
your target market, the better. So it's crucial that you create a
niche for yourself in the marketplace. It's the key to success
for even the biggest companies.

Wal-Mart and Tiffany's are both retailers, but they have very
different niches: Wal-Mart caters to bargain-minded shoppers,
while Tiffany's appeals to upscale jewelry customers.

To find out if your business idea has a chance of succeeding in
the marketplace and to help you create an effective marketing
plan, you'll need to do more than just answer the questions
listed above. You'll also need to conduct more formal market
research.

It's a good idea to meet with an advisor at your local Small Business Development Center or talk
to a business or marketing professor at a local college or
university. These sources can offer guidance and help you
decide exactly what information you need to gather.

Generally, you'll need to collect information on three crucial
aspects of your business:

industry information

target market

your competition

You can dig up trends, statistics, surveys and other data from
sources such as the U.S. Census Bureau, and industry
associations. Once you're able to substantiate the viability
of your idea, then you can confidently move ahead.